2006-06-20 02:16:16 · 5 answers · asked by Chris B 3 in Business & Finance ➔ Credit
Goodness!
According to Section 605 subsection (a) of the Fair Credit Reporting Act,
the date of last activity is:
the earlier of:
(1) the date the creditor charged the item off to profit or loss or
(2) the date it was referred to a collection agency.
So, if you have a Bank One Credit Card account that was charged off after 180 days past due on December 2003 and it was referred to a collection agency on March 2004, and you decided to pay it in full on December 2004, then
Your credit report would show "PAID AFTER CHARGE-OFF" with a $0 balance for Bank One through November 2010 which is seven years AFTER it was charged off ==> December 2003 through November 2010 is seven years.
This is the law. Doesn't matter when you paid it or if you part-pay. Totally irrelevant. Don't believe the hype. Believe the LAW!
If your credit bureau is "re-aging" your date of last activity, kindly refer them to this Section of the Act and you will be surprised how quickly they remove their error.
2006-06-21 16:46:04 · answer #1 · answered by DaMan 5 · 1⤊ 0⤋
Last activity is not always when the company stops reporting.
Last updated is different altogether.
Example:
Jc Penney CC
500 Limit
0 Balance
Opened 2/2001
Closed 3/2003
Updated 6/2006
_______________________________________
Here what I think you are looking for. If that line of credit is a charge-off, usually they credit agencies will delete it if JC Penney hasnt updated the info for 2 years. Regardless of good or bad. They would delete it if you dispute it. However....if it is charged off, the agencies mark 7 years by the date it was CLOSED. If you make a payment say 6 months after it was charged off, they can move the date up, however, most do not.
So, if JCPenney is updating it, and it was charged off in 2003, you will have a hard time getting it removed before the 7 year mark.
Hope that helps.
2006-06-20 12:19:47 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It is the last date the creditor reported to the Credit Report Company.
2006-06-20 10:49:01 · answer #3 · answered by educated guess 5 · 0⤊ 0⤋
The Creditor reports to the credit bureau and that is the last activity (I believe).
2006-06-20 09:19:51 · answer #4 · answered by jessigirl00781 5 · 0⤊ 0⤋
most report monthly...even if the account is no longer used by the consumer. the last activity refers to the reporting actions of the creditor
2006-06-20 09:21:59 · answer #5 · answered by BILL P 3 · 0⤊ 0⤋